Tag

Illicit Finance

All articles tagged with #illicit finance

business24 days ago•3 min saved

US seeks $61M in crypto forfeiture tied to Iranian oil proceeds laundered via Binance

The U.S. has filed a civil forfeiture to seize about $61 million in cryptocurrency it says stems from illicit, sanctioned Iranian crude/oil sales laundered through a network including Iran’s IRGC, using China-based firms Blessed Trust and Hexa Whale and the Binance exchange to move funds; the proceeds allegedly financed Iranian military activities, with Tether set to burn the targeted tokens and replace them under government custody.

via CNBC|

#binance #business #cryptocurrency

finance7 months ago•2 min saved

FinCEN Proposes Cutting MBaer Off from U.S. Banking Ties Over Iran and Russia Links

FinCEN proposed a rule under the USA PATRIOT Act to prohibit U.S. financial institutions from opening or maintaining a correspondent account for MBaer Merchant Bank AG, citing its alleged role in moving funds for illicit actors tied to Iran and Russia and over $100 million funneled through the U.S. financial system; the rule would effectively sever MBaer’s access to the U.S. financial system and invites public comments within 30 days of publication.

via U.S. Department of the Treasury (.gov)|

#finance #fincen #illicit-finance

international-relations2 years ago•2 min saved

"Yellen's Diplomatic Mission: Navigating US-China Economic Relations"

U.S. Treasury Secretary Janet Yellen is set to meet with various Chinese officials during her four-day visit to China, where discussions will focus on unfair trade practices, global economic consequences of Chinese industrial overcapacity, and countering illicit finance. Yellen's itinerary includes meetings with Vice Premier He Lifeng, Premier Li Qiang, and former Vice Premier Liu He, with a focus on expanding bilateral cooperation on countering illicit finance, addressing climate change, and resolving debt distress in developing nations.

via CNBC|

#china #economic-cooperation #illicit-finance

finance2 years ago•2 min saved

"Treasury's New Rules Combat Money Laundering in Investment Adviser and Real Estate Sectors"

The U.S. Department of the Treasury's FinCEN has proposed a rule to combat illicit finance and national security threats in the investment adviser sector by requiring certain advisers to adhere to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. This rule aims to add transparency to the financial system, assist law enforcement in identifying illicit proceeds, and level the regulatory playing field to protect the U.S. economic and national security. The proposed rule would classify investment advisers as "financial institutions" under the Bank Secrecy Act, requiring them to implement AML/CFT programs, file suspicious activity reports, and fulfill recordkeeping requirements. FinCEN is seeking public comments on the proposed rule until April 15, 2024.

via FinCEN|

#amlcft #finance #fincen

cryptocurrency-regulation2 years ago•3 min saved

"U.S. Treasury Pushes for Enhanced Authority in Pursuit of Crypto Abroad"

The U.S. Department of the Treasury is seeking expanded powers to combat illicit finance in the crypto sector, including jurisdiction over non-U.S. stablecoin issuers like Tether. The proposed powers would allow the Treasury to enforce sanctions beyond American borders and target transactions unrelated to U.S. citizens. The department is requesting a new secondary sanctions tool against exchanges supporting terrorism and wants to strengthen its authority under the Bank Secrecy Act to target cryptocurrency entities facilitating terrorist funding. The proposal also suggests granting the Treasury extraterritorial jurisdiction over stablecoin transactions involving the U.S. dollar. Critics argue that the proposal represents a significant expansion of powers and could have unintended consequences.

via CoinDesk|

#crypto-regulations #cryptocurrency-regulation #illicit-finance